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Wealth Distribution Evolution in an Agent-Based Computational Economy

In: Progress in Artificial Economics

Author

Listed:
  • Victor Romanov

    (The Plekhanov Russian Academy of Economics)

  • Dmitry Yakovlev

    (The Plekhanov Russian Academy of Economics)

  • Anna Lelchuk

    (The Plekhanov Russian Academy of Economics)

Abstract

In this paper we study the modification of wealth distribution among the customers during quite a long period of time in the model — several model years. During this time customers get their income in forms of salary depending on enterprise production volume and assortment, or redundancy payments. As a part of the study it was detected that whilst the initial wealth distribution was uniform a strong non-uniformity arises after several years in the model. The model includes the following interacting agent classes: customer, bank, labor market, state, enterprise, market, university, and mass media. The model also allows us to evaluate the relations among the efficiency of enterprises’ investment strategies, tax level and customer’s prosperity and unemployment level. The possibility of obtaining a new specialty by a fired agent for the purpose of stabilization and increasing his profit and improve standard of life is considered in the paper as well.

Suggested Citation

  • Victor Romanov & Dmitry Yakovlev & Anna Lelchuk, 2010. "Wealth Distribution Evolution in an Agent-Based Computational Economy," Lecture Notes in Economics and Mathematical Systems, in: Marco Li Calzi & Lucia Milone & Paolo Pellizzari (ed.), Progress in Artificial Economics, pages 191-202, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-13947-5_16
    DOI: 10.1007/978-3-642-13947-5_16
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